The company has stated the issue of debenture will be non dilutive on the holding company or IVRCL Assets & Holdings Ltd. The fund will be used as equity at the project company level for two subsidiaries: IVRCL Indore Gujarat Tollways Ltd (IIGTL) and IVRCL Chengapally Tollways Ltd (ICTL).

IIGTL is implementing upgradation of Gujarat-Madhya Pradesh border stretch which is a part of National Highway-59, from 2-lane to 4-lanes from Indore to Jhabua of 155.15 km length. The project awarded by the National Highway Authority of India is to be executed on a design build-finance-operate-transfer (DBFOT) toll basis with a concession period of 25 years.

ICTL is implementing the project of 4/6 laning of the road in Chengapalli-Coimbatore-Walayar(Tamil Nadu-Kerala border). The project has a similar DBFOT toll structure with concession for 27 years.

IVRCL Assets & Holdings is into real estate development with a market cap of around $500 million, but has several subsidiaries that are into other infrastructure development projects including tollways.